Challenges and opportunities in the German life market
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- Eugene Norton
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1 Challenges and opportunities in the German life market International Product Trends 2016 General Reinsurance AG Dr. Volker Priebe Allianz Lebensversicherungs-AG Köln,
2 German Life at a glance Market size and growth GPW (EUR bn), CAGR % Product mix in new business in 2014 Other 2 22% Endowment insurance 8% Annuities 29% Risk cover 19% Group insurance 22% Market shares in Channel mix in Other 10% Tied agents 37% Broker and other thirdparty channels 26% Generali R+V Talanx Zurich Debeka ERGO Axa Banks 27% 1) Insurance groups, based on GPW ) Especially unit-linked life insurances 3) Based on APE 2
3 Allianz Leben at a glance Product mix in retail new business S&A with reduced guarantees Capital-light & unit-linked 9% 54% Business volume and growth (GPW EUR bn) Traditional S&A; market-standard 17% Protection 8,7 8,7 8,9 20% Regular premiums Single premiums 7, , , Channel mix in retail new business Direct/Other Tied agents 1% 45% Banks 25% Broker and 3rd party channels 29% 1) Based on weighted premium sum (BWS) 3
4 Old-age provision in low interest-rate environment 5% Subprime crisis, bank crisis Low interest rate environment Government bonds (10 years to maturity) 0% TIR TIR TIR TIR TIR TIR: technical interestrate (min. guarantee) Low interest rate environment puts pressure on traditional concepts with traditional guarantees Increasing number of market participants enters the market with alternative concepts with novel guarantees Competitive market for biometric risk covers (covers, premium level, services, underwriting) Increasing number of regulations and measures of consumer protection 4
5 Allianz Leben: Wide range of products Accumulation/ decumulation (single premium) Deferred Annuities Immediate Annuities Basis (state-subs.) Deferred Annuities Old-age provision (regular premium) Basis (state-subsidized annuities) Riester (state-subsidized annuities) Occupational Pensions Term Life Funeral Exp. Ins. Risk covers Occupational Disability Functional Impairment Long-Term Care LTC (Single Prem.) Age <
6 Corporate Pensions (bav) RiesterRente (government-subsidized) BasisRente (Ruerup, government-subsidized) PrivatRente (old-age provision) Allianz Leben: Broad range of capital-efficient products and risk covers Innovative old-age provision concepts and risk covers Disability Long-term care Death cover Functional impairment 6
7 Schematic comparison between traditional Klassik and modern with-profits annuity Perspektive Klassik Total premium Surrender value Total Guaranteed at inception of contract Accumulated guaranteed annuity [minimum guar. annuity Perspektive] Beginning of pay-out period Beginning of pay-out period Perspektive Total premium Surrender value Total Guaranteed at inception of contract Beginning of pay-out period Accumulated guaranteed annuity Minimum guaranteed annuity Beginning of pay-out period 7
8 First example: old-age provision concept Perspektive 1 Strong guarantees plus an 2 opportunity for more Premiums are invested in traditional book 3 Guaranteed benefits at inception of contract: sum of premiums at start of retirement and in case of death in the accumulation period and minimum guaranteed annuity in EUR Annually increasing guaranteed capital 1 Attractive profit participation increases chances of a higher total capital Annuity calculation at start of retirement Chance of a high total annuity and a high guaranteed annuity at the start of retirement due to: - High total capital for annuitization - Annuity calculation based on actuarial assumptions 2 at start of retirement Flexible start of retirement (between ages 55 and 85) Lifelong annuity with lump sum option 3 3 Security of a lifelong annuity Lifelong annuities are guaranteed Attractive profit participation from with-profit fund 1 Credited profit participation annually increases the guaranteed capital. 2 Actuarial assumptions for immediate annuity / annuity phase 3 German With-Profit fund 8
9 Profit participation for Perspektive in comparison to traditional old-age provision concept Klassik (as of 2016) Extra-performance of Perspektive compared to Klassik Perspektive provides 30 bps higher total profit participation than Klassik 1 Profit participations from interest rates in traditional book are identical for Klassik and Perspektive (important for German regulator) Higher profit participation for Perspektive are to compensate customers for possible effects of modified guarantee level Through annuity calculation at start of retirement, customers can benefit from favorable future developments of mortality and interest rates Participation in the valuation reserves 0.6 % terminal bonus 3.1 % annual profit participation (1.25 % are guaranteed) Klassik Participation in the valuation reserves 0.8 % terminal bonus % annual profit participation 2 Perspektive 1 Total profit participation for 2016: Perspective 4.0%, Klassik 3.7%, profit participation annually declared, it cannot be guaranteed for the future: The annual profit participations of 3.1% and 3.2%, respectively, are lock-in bonuses 2 3.2% profit participation + 0.1% due to modified guarantees 3 0.6% plus 0.2% due to modified guarantees 9
10 Perspektive with annuity calculation at start of retirement: Comparison to annuities from old-age provision concept Klassik Advantages of Perspektive using the example of surplus mode Zusatzrente Total return at start of retirement / guaranteed interest rate Amount of respective guaranteed annuity in 8th year of annuity phase 4.4 % / 1.75 % Advantage area Perspektive today 3.4 % / 1.25 % Total capital at the end of accumulation period 1 : 2.4 % / 0.75 % Perspektive: 58,548 EUR Klassik: 55,932 EUR 1.4 % / 0.25 % years + 1 year + 2 years + 3 years Increase of life expectancy beyond currently considered trend 1 Example: 100 EUR monthly premium; 30 years accumulation term, age at retirement 67; total return declaration of 2016 unchanged during accumulation period (Perspektive 4.0%, Klassik 3.7%). 2 Current declaration for immediate annuities / annuity phase 10
11 Second example: old-age provision concept KomfortDynamik 11
12 A new investment combination adds dynamics to old-age provision Traditional book of Allianz Leben Outstanding financial strength 1 Worldwide expertise of investment managers Exceptional asset classes such as investments in infrastructure High share of security-oriented assets + New dynamic component of Allianz Leben (KomfortDynamik Sondervermögen) Investment strategy offering upside potential with high share in real assets (e.g. equity) Flexible and fast adjustment to capitalmarket changes by Allianz Leben s experts 1 M&M Office 10/2014: 5 Sterne für überdurchschnittliche Leistung Allianz Lebensversicherungs-AG Copyright Allianz Lebensversicherungs-AG 12 12
13 Customers benefit from a much higher share of assets offering upside potential Example: comparison of initial investment of a contract with regular premiums and an accumulation phase of 30 years Investment of traditional book Mortgage Equity Emerging market bonds Entire investment of KomfortDynamik 1 Mortgage Equity Government bonds and covered bonds Corporates Real estate Government bonds and covered bonds Real estate Corporates Emerging market bonds KomfortDynamik strives for a high equity share, so that in the overall investment an equity ratio of about 30% is achieved much higher than for traditional concepts. 1 With KomfortDynamik the share of assets of the entire investment offering high upside potential is about 60%. 1 Customers benefit from the upside potential of capital markets even in times of low interest rates. 1 The initial share of the assets depends on the duration of the accumulation phase of the contract. This example is based on the traditional book as of and the indicative asset allocation of the KomfortDynamik Sondervermögen as of Allianz Lebensversicherungs-AG Copyright Allianz Lebensversicherungs-AG 13 13
14 Increasing share of capital-efficient products at Allianz Leben and still growing Retail New Business Mix (based BWS 1 ) +33pp Corporate New Business Mix (based BWS) +26pp 50% 57% 70% 83% 23% 32% 37% 49% Market standard products (traditional deferred annuities) Products with reduced or without interest rate guarantee 1 BWS ( Bewertungssumme ): weighted premium sum Strong impact of measures taken to shift New Business Mix both in retail and corporate segment 14
15 Innovative old-age provision concepts German life market 1 (old-age provision) Perspektive-like concepts: Debeka (2015) VKB (2015) Württembergische (2015) Gothaer (2016) KomfortDynamik: To date: Unique selling proposition of Allianz Index-linked concepts: AXA (2014) Condor (2011) Generali (2013) HDI (2015) LV1871 (2014) Nürnberger (2015) R + V (2011) Stuttgarter (2016) Volkswohl Bund (2015) Württembergische (2016) Zurich (nur EB, 2015) Auf Basis ausgewählter Marktteilnehmer, Stand: 08/2016 Unit-linked concepts with guarantees: Alte Leipziger AXA Condor Debeka Ergo Generali Gothaer HDI LV1872 Nürnberger Stuttgarter Swiss Life VKB Volkswohl Bund Württembergische Zurich 15
16 Allianz Leben: Wide range of products Accumulation/ decumulation (single premium) Deferred Annuities Immediate Annuities Basis (state-subs.) Deferred Annuities Old-age provision (regular premium) Basis (state-subsidized annuities) Riester (state-subsidized annuities) Occupational Pensions Term Life Funeral Exp. Ins. Risk covers Occupational Disability Functional Impairment Long-Term Care LTC (Single Prem.) Age <
17 Income protection in German life-insurance market (1/3) What is insured by occupational-disability covers? Example of benefit triggers: Due to illness/declining health/, the insured person is permanently incapable of exercising the occupation last pursued to a degree of at least 50% Example of insured benefit: Annuity payment with waiver of premiums until end of disability or maturity of contract (temporary annuity) German insurance-contract law (VVG) provides legal framework for occupationaldisability covers ( VVG) Market situation Occupational-disability risk widely acknowledged as critical risk, public awareness, sales channels, consumer protection Insured through separate or supplementary occupational-disability covers Private protection necessary: German state-pension system provides only low-level covers in case of reduced earning capacity (for employees born after 1961, max. 30% of net income) 17
18 Income protection in German life-insurance market (2/3) Examples for differentiated occupational-disability premiums Separate occupational-disability cover, entry age 25, maturity age 65, insured monthly annuity; premiums differentiated according to occupational classes (OC) OC Examples of occupations Monthly premium* A+ lawyer, physician (except for dentist, surgeon) 34 A high (academic) qualification and below-average disability risk, e.g., surgeon, banking professional 42 B commercial/administrative occupation involving less than 75% office work and/or small amount of physical activity, e.g., technician, dentist 60 C high amount of physical activity or above-average disability risk, e.g., carpenter, chef, teacher 107 D heavy physical activity, high disability risk, e.g., baker, roofer, bricklayer 147 Primarily sedentary activity Primarily physical activity * Allianz Leben 09/2016, unisex calculation 18
19 Income protection in German life-insurance market (3/3) Market situation for occupational-disability covers Premium product vs. pressure on premiums Market transparency through tariff-comparison software and product-rating agencies Market observers analyze/compare not only premiums, but also benefits, terms and conditions market dynamic towards premium product Ongoing decrease of premiums, especially for occupational classes with sedentary activity Further differentiation of occupational classes to be observed 19
20 Functional-impairment cover, Allianz KörperSchutzPolice Easy to remember: the four K s as benefit trigger Benefits will be paid if triggered by one criterion: physical and mental abilities Körper Kopf Kümmern Dread Disease Krankheit benefit trigger: walking usage of arm usage of hands kneeling/bending down driving benefit trigger: sight speech hearing balance brainpower/memory benefit trigger: need of care state care benefit trigger: cancer heart attack apoplexy MS coma paraplegia example: slipped disc with lasting heavy locomotory failure example: loss of sight example: Alzheimer s disease example: paraplegia caused by accident impairment of physical or mental ability crucial for annuity payments is the impact not the cause occurrence of one of the diseases component 1: monthly annuity with waiver of premium It is one combined product there is only one premium disclosed to the customer! component 2: lump sum payment (one annual annuity) Life 20
21 New regulations and measures of consumer protection VVG Lebensversicherungs -reformgesetz (LVRG) VAG amendment IDD PRIIP POG Lawsuit Policenmodell at FCJ and ECJ Finanzmarktwächter ECJ ruling on mandatory unisex tariffs Court decision on minimum surrender values Publication of AltvPIBV Set up of PIA Mandatory official certification AltvPIBV Risk/return transparency / / / / FCJ: POG: Federal Court of Justice (Bundesgerichtshof BGH) Product Oversight & Governance Guidelines AltvPIBV: Altersvorsorge-Produktinformationsblatt-Verordnung PIA: Produktinformationsstelle für Altersvorsorgeprodukte ECJ: IDD: PRIIP: European Court of Justice Insurance Distribution Directive Packaged Retail and Insurance-based Investment Products 21
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